Robin Li, CEO of Chinese Internet company Baidu, has denied reports that the firm are involved in a deal to buy iconic Italian soccer team AC Milan.

According to an earlier report by Seeking Alpha, "Chinese investors' overseas sport investments show an upward trend. Baidu CEO Robin Li's team has achieved progress in negotiating with the Italian club A.C. Milan. (Li or Baidu) is expected to pay $437 million to acquire A.C. Milan.”

China state broadcaster CCTV also said that Baidu had completed a $437 million deal to take over Milan, the seven-time European champion.

A Chinese consortium have been in exclusive talks since April about taking over Milan, which has suffered from a lack of investment in recent years. The club’s current owner, former Italian Prime Minister Silvio Berlusconi, has reportedly confirmed that a Chinese group is close to purchasing the Italian giants.

Source: Bloomberg

Proofread by Sean O Diobhilin